March 29--USAA, a financial services company that caters to military families, said in its annual report that its membership crossed 10 million. The San Antonio-based company said Friday it ended the year at about 10.1 million members, up from 9.4 million a year earlier.
USAA's revenue in 2013 nudged up to just under $21 billion from $20.7 billion the year before. Its net income fell to roughly $2.73 billion last year from $2.83 billion the year before. That was largely because of a swing to a loss of $525 million on investments, compared with a gain of $829 million in the prior year.
USAA said its insurance premiums, which account for the bulk of its business, rose to $14.3 billion in 2013 from $13 billion the year before.
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